Google announced a US$7 billion investment in the U.S. that will create at least 10,000 new jobs this year, a drop from the US$10 billion it promised it would invest in 2020 before the pandemic swept the country.
The Alphabet Inc. unit is investing in offices and data centers, including more than US$1 billion in its home state of California, Google Chief Executive Officer Sundar Pichai said in a statement on Thursday. Part of the investment will be used for data center expansions in Nebraska, South Carolina, Virginia, Nevada and Texas, Pichai said.
In early 2020, Google said it would invest over US$10 billion into offices and data centers in a range of states, including California, New York and Texas. This was also a drop from the US$13 billion it pledged in 2019 to invest in order to expand in rural areas such as Nevada, Nebraska and Oklahoma.
However, in April last year Pichai said Google would slow hiring for the remainder of 2020, “recalibrating the focus and pace of our investments in areas like data centers and machines.” Google had 135,300 staff at the end of 2020, and has said it will let employees work from home until July 2021.
Alphabet broke out figures for its Google Cloud business for the first time in February. The unit had an operating loss of US$1.2 billion in the fourth quarter, far behind its rival Amazon Web Services, the largest cloud provider, which generated fourth-quarter operating income of US$3.56 billion.
The Mountain View, California-based company revealed the number on Tuesday in a statement. For 2020, the cloud division lost US$5.6 billion, Alphabet said.
“An important element of our operating loss is that we have been building out our organization ahead of revenue, and that includes our product portfolio, the network of data centers,” Ruth Porat, chief financial officer of Alphabet and Google, said in an interview with Bloomberg Television. This will help the company pursue this large market opportunity, she added.
In 2020, Google’s services drove US$426 billion of economic activity for more than 2 million American businesses, nonprofits and other entities, the company said, citing its 2020 U.S. Economic Impact Report.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
